BP PLC (LSE:BP.) posted third-quarter profits broadly slightly ahead of consensus forecasts, with a new $750 million share buyback announced.
Underlying replacement cost profit came in at $2.2 billion, beating analyst estimates of $1.98 billion, while adjusted earnings per share of 14.24 cents were well ahead of the expected 11.97 cents.
Profit attributable to shareholders was $1.2 billion, down from $1.6 billion in Q2 of this year but compared to just $206 million a year ago.
Operating cash flow totalled $7.79 billion this time, also ahead of forecasts, while net debt remained broadly flat at $26.05 billion despite the redemption of $1.2 billion in hybrid bonds.
CEO Murray Auchincloss said there had been good performance across the business, with record Q3 underlying earnings in customers and refining that he said "captured a better margin environment".
He also hailed successes in the development and exploration of new projects, with all six of the major oil and gas projects planned for the year now online, with four ahead of schedule and a seventh sanctioned in the Gulf of Mexico.
Meanwhile, he said divestment proceeds for the year to be higher than $4 billion, underpinned by around $5 billion of completed or announced disposal agreements.
"We continue to make good progress to cut costs, strengthen our balance sheet and increase cash flow and returns.
"We are looking to accelerate delivery of our plans, including undertaking a thorough review of our portfolio to drive simplification and targeting further improvements in cost performance and efficiency."
The company said it expects fourth-quarter 2025 reported upstream production to be broadly flat compared with the third quarter, with oil production and operations slightly higher, and gas and low carbon energy output slightly lower.